tag:www.mjbankruptcy.com,2013-03-21:/blog/759952019-05-23T11:08:10ZMovable Type Enterprisetag:www.mjbankruptcy.com,2019:/blog//75995.37442702019-05-23T11:09:09Z2019-05-23T11:08:10Z
While dealing with debt can be a stressful process, choosing a strategy to reduce financial obligations may seem equally as intimidating. While many individuals in Ohio may be aware of the possible benefits of seeking relief through outlets such as bankruptcy, they may have reservations about starting the process. However, while taking time to consider the options could be helpful, when it comes to debt, waiting to seek relief could have consequences.

Upon signing up for a credit card or taking out a loan, one may be aware of the interest rates associated with the account. However, simply knowing the rates involved might not help a person understand just how much money he or she could end up paying in interest overall. High interest rates may only cause one's balances to continue to rise, and the resulting increase in debt could leave a person with less income to cover other financial needs.

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Prolonged struggles with debt could also have a substantial impact on a person's credit score, which may in turn affect his or her life in various ways. For instance, those who struggle under the weight of debt may have more trouble obtaining approval for loans in the future. This could disrupt a person's ability to pursue long-term goals such as homeownership.

Seeking relief from debt may be a goal for many individuals in Ohio, but choosing a path can be an intimidating task. Fortunately, there are attorneys who can help a person better understand all the available options for relief and their potential outcomes. A bankruptcy attorney can work with a client in forming a strategy to reduce or eliminate debts and subsequently assist him or her in navigating the process.

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tag:www.mjbankruptcy.com,2019:/blog//75995.37362512019-05-17T15:17:03Z2019-05-16T12:43:09Z
While many individuals in Ohio and across the nation may wish to maintain financial stability at all costs, some forms of debt could prove difficult to avoid at times. For instance, a medical emergency can take place at any given moment and the financial ramifications of a trip to the hospital can be extensive. Those who suffer under the weight of medical debt may feel forced into borrowing money to pay their bills or they could choose to seek relief from their debts by filing for bankruptcy.

Recent reports indicate that medical bills are the leading source of debt among families across the nation. According to reports, nearly one out of every eight patients over the past year was forced to borrow money to pay medical bills. This study also indicates that around 25% of those surveyed admitted that their medical expenses prompted a need to cut down on expenses.

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Reports also indicated that concerns over the financial toll of seeking medical care caused more than 65 million Americans to avoid seeking treatment. These studies suggest that almost half of all Americans fear that the onset of a medical condition could leave them facing dire financial straits. Those who face monetary challenges due to extensive medical expenses may find comfort in knowing relief is available, but they might not be certain where to turn for assistance in choosing a path.

High levels of medical debt can have a devastating impact on a person's life. Those who struggle to make ends meet due to similar forms of debt could benefit from consulting with an attorney for guidance in understanding all their available options. A bankruptcy attorney can examine the circumstances a client in Ohio is facing and assist in forming a strategy to reduce or eliminate his or her debts through the proper channels.

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tag:www.mjbankruptcy.com,2019:/blog//75995.37339752019-05-16T15:17:03Z2019-05-15T12:01:21Z
Arriving at the decision to file for bankruptcy is not easy. It essentially means that you are accepting financial defeat and that you need the help of the government to gain a fresh financial start. However, this does not mean that you should feel ashamed of needing to file for bankruptcy.

Raising a family and facing unforeseen circumstances can create financial turmoil for anyone. It is important that you thoroughly consider your options so that you can move forward in the best possible way.

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Many people hesitate before filing for bankruptcy, and while it is important to think things over, you should also make sure that you do not let your situation get out of control. The following are some considerations to make before delaying bankruptcy.

Have you recently started a lower paying job?

If you are considering filing for Chapter 7 bankruptcy, you will be subject to a means test to decide if you are eligible. This means the test will take into account your financial situation and income during the six months prior to your filing. If you have recently started a new job that pays less, it is potentially a good idea to delay the bankruptcy filing until your new income will be taken into account.

Have you looked into the possibility of modifying your mortgage?

If you are struggling financially and unable to pay your mortgage obligations, you may want to file for Chapter 13 bankruptcy to avoid losing your home. You should look into mortgage modification options before doing so because this could help you to avoid needing to file for bankruptcy.

Do you anticipate future debts?

If you foresee large expenses in the future, you may want to consider delaying bankruptcy until after they have taken effect. This is because Chapter 7 bankruptcy tends to only eradicate debts that existed before the date of filing. This means that if you are subject to further expenses, you may continue to suffer financially after the bankruptcy is complete.

If you are considering when would be the best time to file for bankruptcy, it is important that you think about your specific circumstances. Every bankruptcy filing is different, so it is important to conduct thorough research.

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tag:www.mjbankruptcy.com,2019:/blog//75995.37315592019-05-09T11:11:40Z2019-05-09T11:10:40Z
There are many individuals in Ohio and across the nation who have made the decision to apply for a credit card, some of whom may carry several cards at the same time. While similar accounts could prove helpful in building credit under the right circumstance, carrying high balances for extended periods could increase the risk of financial strain. With balances constantly on the rise, credit cards debts could leave many individuals in search of the relief provided through outlets such as bankruptcy.

Recent reports from the Federal Reserve indicate that credit card debt across the nation reached record levels in the last quarter of 2018. These reports also stated that Americans piled on around $26 billion in credit card debt in the fourth quarter alone. According to reports, there are more than 480 million active credit card accounts, 37 million of which were reported to be at least three months past due.

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Falling behind on credit card payments can be a devastating experience. Unfortunately, there are variety of scenarios that could leave a person facing similar circumstance. For instance, reports suggest that individuals who live in areas with a higher than average cost of living could be more susceptible to experiencing the trials of credit card debt.

Regardless of how it occurs, struggling under the weight of high levels of credit card debt can be a harrowing process. Those who encounter similar monetary challenges could benefit from consulting with a bankruptcy attorney for guidance on all the available options for relief as soon as possible. An attorney can help a client in Ohio choose the correct path with which to pursue debt relief and subsequently assist him or her in navigating the process.

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tag:www.mjbankruptcy.com,2019:/blog//75995.37225852019-05-01T23:49:48Z2019-05-01T23:48:48Z
Many individuals in Ohio and across the nation may consider it vital take all the necessary measures to protect their financial futures. However, there are some circumstances in which another person's actions could leave a person facing dire financial straits. For instance, one who co-signs on a loan may take on a certain level of risk in the process, and if the other party fails to make the necessary payments, the situation could leave a person in search of relief through outlets such as bankruptcy.

While the concept of helping another party qualify for a loan to buy a car or become eligible to rent an apartment may appear noble, there are certain risks involved. Even if the other party agrees to make the payments, the co-signer still takes on a certain amount of responsibility in the process. Should payments fall behind, the impact it can have on the credit scores of both parties could be substantial.

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When payments fall past due, co-signers may also begin to receive calls and letters from collection agencies, and dealing with collectors can be a stressful process. In addition, should the other party have the debt discharged by filing for bankruptcy, creditors may still seek to hold the co-signer responsible for the remaining balance. Those who find themselves facing a similar scenario may experience dire financial straits as a result, and they might be uncertain of all their available options for relief.

Dealing with substantial amounts of debt can be a stressful and daunting experience. Those who are suffering under the weight of substantial monetary obligations could benefit from seeking guidance on how to develop a strategy to reduce or eliminate debts by consulting with a bankruptcy attorney. An attorney can help a client in Ohio make informed decisions about his or her situation and assist in choosing the correct path with which to pursue financial relief.

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tag:www.mjbankruptcy.com,2019:/blog//75995.37184502019-04-25T17:01:32Z2019-04-25T17:00:32Z
With levels of consumer debt at all-time highs, there may be many individuals in Ohio and elsewhere who are no stranger to the trials of financial strain. Those who deal with similar issues may constantly be on the lookout for ways to seek relief from their struggles. While there are a variety of options to help achieve a similar goal, some may only do more harm than good, whereas bankruptcy could be just the tool to help one pursue the relief required.

When facing high levels of debt, consumers may have a variety of options to choose from, some of which could even offer immediate relief. In many cases, those who are dealing with high-risk debts, such as credit card bills, may feel it necessary to consolidate their debts by seeking out a loan. However, while personal loans may boast significantly lower interest rates, using any form of debt to pay for another could only prove to be a short-term fix to a growing concern.

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This might not be the only route available, as some consumers may also have the option of borrowing equity on a mortgage or refinancing the loan with cash-out options. While this may appear enticing to some, there are some potential risks with taking a similar path. Using a secured debt to pay down on unsecured debts could have a significant impact on a person's eligibility to pursue relief through outlets such as bankruptcy.

Prior to dipping into retirement savings or seeking aid through debt consolidation, one could benefit from obtaining guidance in making informed decisions from someone with experience in such matters. By consulting with a bankruptcy attorney, a person in Ohio could obtain much-needed advice on all the available options for relief. This type of guidance could prove vital to choosing the correct path with which to pursue relief from debts and working back toward financial stability.

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tag:www.mjbankruptcy.com,2019:/blog//75995.37088222019-04-18T12:44:23Z2019-04-18T12:43:23Z
Many individuals in Ohio and elsewhere may feel that one of the most stressful parts of being in debt pertains to dealing with constant calls and letters from collection agencies. Fortunately, there are rules in place that provide consumers with protection against creditor harassment. However, recent reports indicate that the rules and regulations that govern the process of debt collection could soon undergo significant changes.

The Consumer Financial Protection Bureau is set to release these new debt collection regulations in the coming weeks. According to reports, this proposal would bring about the first changes to the Federal Debt Collection Practices Act in more than four decades. Representatives from the CFPB have advised that these changes will mark an attempt to modernize the process of debt collection, and some fear that the new rules may give collectors the ability to send out emails and text messages.

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Debt collection practices continue to be a source of controversy for many. Recent reports indicated that the CFPB received more than 81,000 complaints about collection agencies over the last year alone. Consumer advocates are also concerned that these changes could pose a threat to consumer privacy.

The average individual may already find it difficult to fully understand his or her rights when dealing with a debt collection agency, and changes to this practice may only complicate matters further. Fortunately, there are attorneys that can help consumers better understand their options and assist in protecting their legal rights. An attorney can also assist a client in Ohio in making informed decisions about his or her financial future and help develop a plan to pursue relief from debts through the proper channels.

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tag:www.mjbankruptcy.com,2019:/blog//75995.37003522019-04-16T15:32:05Z2019-04-16T11:55:52Z
If you find yourself in a bad financial situation, it never hurts to learn more about Chapter 7 bankruptcy. While you may never go down this path, it could be the strategy you need to get your finances back in order.

Many people gravitate toward Chapter 7 bankruptcy because it provides them with a fresh start. With some of your debts discharged, it's much easier to get back on track financially.

Prevent foreclosure: If you've received a foreclosure notice from your mortgage lender, filing for Chapter 7 bankruptcy can stop the process for the time being. This gives you enough time to work things out often while remaining in your home.

Keep future income: This is in contrast to Chapter 13 bankruptcy in which you must use future income to make payments for three to five years. With Chapter 7 bankruptcy, all of your disposable income is yours to keep.

No limit on how much debt you can have: This is a big benefit when compared to Chapter 13, as you don't have to concern yourself with exceeding any debt limit.

It's fast: When you're facing financial trouble, you want to move fast. The Chapter 7 bankruptcy process typically takes anywhere from three to six months, with the discharge of debt often happening within three months.

Avoid wage garnishment: If you're concerned about a wage garnishment, the automatic stay protects you from this for the time being. Once again, this allows you to stabilize your finances as you attempt to get back on track.

Filing for Chapter 7 bankruptcy is a big financial decision, but once you compare the pros and cons you'll feel better about what's to come. Even if you don't file right away, the information you gather will help you keep your options open in the future.

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tag:www.mjbankruptcy.com,2019:/blog//75995.37002342019-04-11T14:47:45Z2019-04-11T14:46:45Z
Many individuals in Ohio and elsewhere may consider it vital to begin saving for retirement as early in life as possible. However, those who are dealing with substantial amounts of debt may feel that paying down their debts could be more important than building up their savings. With their financial futures on the line, those who struggle to keep up with overwhelming financial obligations could benefit from seeking relief through outlets such as bankruptcy.

According to experts, individuals may find that the best time to start saving for retirement is now. However, this might not always be an option, especially for those who are carrying high levels of debt, as dealing with debt during retirement can be a stressful process. When it comes to deciding whether to save for retirement or pay down debts, experts suggest that the correct decision may depend on a variety of variables.

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Those who carry high-risk debts such as credit card balances with high interest rates may find that paying down their balances could help free up additional income. This sudden increase in income could help better prepare a person to begin building up savings for the future. However, this might not always be as simple as it seems, and as balances continue to rise, so may the threat debt poses to one's financial future.

Individuals who wish to protect their plans for the future but struggle to do so due to high levels of debt may wish to take steps to reduce their debts, but they may need guidance in choosing a path. By speaking with a bankruptcy attorney, a person in Ohio could obtain advice on each available option for relief. An attorney can help a client make informed decisions about his or her situation and assist in pursuing relief from debts through the necessary channels.

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tag:www.mjbankruptcy.com,2019:/blog//75995.36935662019-04-04T20:10:51Z2019-04-04T20:09:51Z
While dealing with debt can be a harrowing process, for many individuals in Ohio and across the nation, it is also an unfortunate reality. Debt can come in a variety of forms, each of which could place a significant burden on a person's financial future. Those who are constantly struggling to get by due to high amounts of debt may wish to pursue the relief provided by outlets such as bankruptcy, but they might be uncertain where to turn for assistance in navigating the process.

Recent reports indicate that overall totals for consumer debt came in at just over $13 trillion in the fourth quarter of the previous year. These reports also suggest that credit card, automobile loan, mortgage and student loan debts each hit an all time high in this period. Experts suggest that a thriving economy and low unemployment rates have left many consumers feeling less hesitant about taking on new debts, despite the possible risks involved.

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In the current economical state, lenders may also be less hesitant to extend new lines of credit to consumers. However, just because it might be easier to obtain a credit card or loan doesn't mean that it is always a good idea. As consumer debt levels continue to rise, many individuals may begin to experience the trials of dealing with overwhelming amounts of debt.

High levels of debt can have a disastrous impact on a person's life, and those who experience similar concerns may need guidance in developing a strategy for relief. When facing a similar circumstance, a person in Ohio could benefit from consulting with a bankruptcy attorney for guidance on each of the available options with which to pursue the necessary relief. An attorney can examine a client's financial situation and assist him or her in forming a plan to reduce or eliminate debts through the necessary channels.

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tag:www.mjbankruptcy.com,2019:/blog//75995.36829682019-03-28T13:48:26Z2019-03-28T13:47:26Z
Many individuals in Ohio and elsewhere may be aware of the financial ramifications of dealing with high amounts of debt. However, some might be surprised to learn that similar concerns could also affect other areas of life, such as personal relationships. Those who wish to keep similar concerns from disrupting their relationships could benefit from seeking guidance on how to pursue relief from debts through outlets such as bankruptcy.

It might not be uncommon for a person who is going through prolonged periods of financial strain to experience high levels of stress. While this may seem like a personal problem, stress can affect a person's behavior in various ways. High levels of stress could lead a person to do or say things to family members or friends that he or she may have previously considered unthinkable, and similar incidents could damage the relationship.

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This can also be a major concern for parents, as high levels of stress could make a person more prone to lashing out at the kids. Those who wish to prevent a similar issue from creating a potentially unfortunate scenario may find it helpful to seek out ways to reduce their stress. Since financial concerns can be a primary source of one's stress, one effective solution to the problem could be to find a way to reduce or eliminate monetary obligations.

With a variety of outlets to choose from, each of which may come with its own potential advantages and disadvantages, choosing a path for relief can be an intimidating process. Those who wish to know more about each of the available options could choose to speak with a bankruptcy attorney for guidance in making informed decisions about their financial futures. An attorney can work with a client in Ohio in forming a strategy to reduce or eliminate debts and provide guidance on how to stave off similar concerns in the future.

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tag:www.mjbankruptcy.com,2019:/blog//75995.36732692019-03-21T11:02:43Z2019-03-21T11:01:43Z
Many individuals in Ohio and across the nation may be aware of how stressful it can be struggle under the weight of debt. However, they might not be fully aware of just how much of an impact financial strain can have on their lives until they are forced to confront the issue head-on. While studies suggest that many consumers would be willing to go to great lengths to be free from the burdens of debt, some may still be reluctant to pursue this relief through outlets such as bankruptcy.

According to reports, as many as 46 percent of those who took part in a recent survey admitted that dealing with debt has caused them to experience high levels of stress. These studies also indicate that a significant number of those surveyed also assert that financial hardships have forced them to put off certain goals. Many consumers also admitted that their issues have left them with little to no emergency savings and that they would struggle to deal with even minor unexpected expenses.

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This study also asked consumers what they would be willing to give up in exchange for relief. While their answers varied anywhere from choosing to eat out less frequently or giving up on taking a family vacation, some even stated they would give up their right to vote if it would help their situation. While cutting down on expenses can be helpful in certain scenarios, in some cases, a more long-term solution could be necessary.

Problems with debt can have a significant impact on a person's quality of life. Those who wish to keep similar concerns from disrupting their plans for the future may find it helpful to obtain guidance on all their available options for relief by consulting with a bankruptcy attorney. An attorney can evaluate the circumstances a client in Ohio is facing and assist him or her in forming a strategy to pursue relief from debts through the necessary outlets.

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tag:www.mjbankruptcy.com,2019:/blog//75995.36668392019-03-17T21:44:04Z2019-03-15T18:05:47Z
While dealing with debt can be a stressful experience, choosing a strategy to pursue relief from overwhelming financial obligations could prove just as intimidating. While many individuals in Ohio may be aware of the potential benefits of pursuing relief through bankruptcy, they may be somewhat reluctant to begin the process. While there are a variety of options that may provide a person with relief during times of financial strain, some might not prove fruitful in every scenario.

The outlets that are available for those dealing with debt may differ depending on their outstanding financial obligations. For instance, those who are struggling to keep up with student loan debts could consider attempting to refinance their loans, and they might be able to obtain a lesser monthly payment in the process. For those who are dealing with high levels of credit card debt, consolidation could also be a viable option to consider.

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High levels of debt can leave a person suffering a lesser quality of life for extended periods. Individuals who encounter similar hardships may benefit from obtaining advice on all the available options for relief from an experienced bankruptcy attorney. An attorney can help a client in Ohio make informed decisions about his or her financial future and assist in choosing a path to pursue relief from debts through the necessary outlets.]]>
tag:www.mjbankruptcy.com,2019:/blog//75995.36659372019-03-15T21:44:04Z2019-03-14T18:23:35Z
Being faced with a home foreclosure puts a tremendous amount of emotional, mental and financial stress on you and your family. In addition to the risk of losing your home, there are many other negative aspects to the foreclosure process which is why it’s important to explore your options to avoid foreclosure.

If you are struggling financially and worried about how you will be able to continue paying your Ohio mortgage, it’s important to formulate a plan for taking back control of your finances.

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How foreclosure can negatively affect you now and in the future

When you go through a foreclosure, your credit score takes a big hit. Exactly how big of a hit depends on the circumstances surrounding the foreclosure and your previous credit score. A low credit score can prevent or delay your ability to obtain future loans or mortgages.

A home foreclosure also leaves you homeless and, very likely, in the same dire financial predicament. The foreclosure process only benefits the bank, and does very little to help you address your financial problems. This means that you will likely still be struggling with the same overwhelming debt issues after a foreclosure is complete.

What can I do to prevent foreclosure?

The best thing that you can do to prevent foreclosure is to communicate with your lenders. Many people who face foreclosure are in financial trouble because they ignore communications from creditors and stop paying their mortgage. Eventually, when this happens, the foreclosure process is automatically initiated.

You can also take the initiative to ensure you understand your rights and protections under the law. If you are struggling to pay your mortgage, you have several options available to you in Ohio.

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tag:www.mjbankruptcy.com,2019:/blog//75995.36536222019-03-07T19:04:54Z2019-03-07T19:03:54Z
When dealing with overwhelming amounts of debt, many individuals in Ohio may begin to wonder if filing for bankruptcy is the only way to obtain protection from creditors. However, while this might be a viable option, it isn't necessarily the only way to protect against creditor harassment. Those who have yet to decide if bankruptcy is the best available option could benefit from gaining a better understanding of the Fair Debt Collection Practices Act.

This act provides debtors with a variety of protections to shield against harassment. For instance, creditors can only reach out to a person between certain hours of the day, provided the debtor hasn't agreed to extend this time period. Any attempts to contact a debtor outside of the allowed timeframes is illegal and may thus be considered creditor harassment. Creditors must also refrain from contacting a person at work if they are aware that his or her place of employment prohibits such communication.

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The Fair Debt Collection Practices Act also provides debtors with the right to provide creditors with a written request to cease communication. However, while creditors must stop contacting a person once this request is received, there are certain exceptions to this rule. This act also prohibits collectors from contacting a debtor's family or friends to talk to them about the debt without consent.

Knowledge of these rights may help a person put a stop to creditor harassment in certain situations. However, those who continue to struggle with debt may still wish to seek advice on how best to handle their present financial woes. By consulting with an experienced bankruptcy attorney, a person in Ohio could obtain much-needed advice on all the available options for protection from creditors, as well as assistance in forming a strategy to pursue relief from debts and working toward a healthier financial future.